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Tampa Bay-Lakeland
Business Observer Monday, Mar. 14, 2011 11 years ago

Odyssey lands $2 million deal

Clients of Robert Fraser & Partners agreed to pay $2 million in up-front cash.

TAMPA — Odyssey Marine Exploration Inc. (symbol: OMEX) will provide its deep-sea exploration services to several clients of Robert Fraser & Partners for $2 million in up-front cash, plus a percentage of future net revenues derived from its latest project.

Odyssey CEO Greg Stemm says the new agreement will allow for the further exploration of archaeological sites that have already been discovered. “On this particular project, we have compelling evidence that suggest that some of the artifacts discovered and analyzed correspond with the target shipwreck,” Stemm said, adding that his company is “cautiously optimistic” about its potential results.

After losing $23.3 million in 2010, Odyssey has begun 2011 with strong cash flow. In addition to this latest deal, the firm received $2.3 million from a separate verification agreement in January, $3 million from work for a mining client, and $6 million in proceeds from Galt Resources.

Odyssey Marine Exploration Inc. provides deep-sea exploration services. Its latest agreement boosted the value of its stock in early trading Monday; its share value temporarily touched $2.69, up more than 8% from market open.

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